FEC Approves Establishment of Nigerian Youth Investment Fund

InvestingNewsFEC Approves Establishment of Nigerian Youth Investment Fund

Beloved John (Staff Writer)July 23, 2020

The Federal Executive Council has approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion. The NYIF, which will operate as a youth bank, will create a financial support base for innovative youths aged 18 to 26. Minister of Youth and Sports Development, Mr Sunday Dare disclosed this to State House Correspondents on Wednesday after a Federal Executive Council (FEC) meeting, nothing that youths with ideas and innovation can...

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Nigeria’s Unclaimed Dividends Hit N158.44bn in 2019

InvestingNewsNigeriaNigeria’s Unclaimed Dividends Hit N158.44bn in 2019

PilotnewsJuly 14, 2020

The total unclaimed dividend figure in the Nigerian capital market stood at N158.44 billion as of December 2019, the News Agency of Nigeria (NAN) reports. Data obtained exclusively by NAN from the Securities and Exchange Commission (SEC) show that the figure is still on the increase in spite of e-dividend registration introduced by SEC in 2015. NAN reports that dividend is the distribution of a portion of the company’s earnings, decided and managed by the...

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Dollar Falls as Yuan Leads Charge in Risk-on Trades

InvestingMoneyWorld NewsDollar Falls as Yuan Leads Charge in Risk-on Trades

PilotnewsJuly 9, 2020

The dollar fell against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency. China’s yuan rose to a four-month high against the greenback, extending recent gains as investors of all stripes increase positions in Chinese stocks due to growing signs of a recovery in the world’s second-largest economy. Lingering worries about the spread of the coronavirus could keep...

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Unaudited Results: NSE Warns Investors on Shares of 13 Firms

InvestingMoneyNewsUnaudited Results: NSE Warns Investors on Shares of 13 Firms

PilotnewsJuly 9, 2020

The Nigerian Stock Exchange (NSE) has urged investors to trade with caution on the shares of 13 companies for failing to submit financial statements without any explanation. The News Agency of Nigeria (NAN) reports that the affected companies include Aso Savings and Loans, Deap Capital Management & Trust, DN Tyre & Rubber, FTN Cocoa and Goldlink Insurance. Others are International Energy Insurance, Medview Airline, Resort Savings & Loans, Staco Insurance, Standard Alliance Insurance, UNIC Diversified...

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Access Bank to Acquire 100% Stake in Zambian Bank

BusinessInvestingNewsAccess Bank to Acquire 100% Stake in Zambian Bank

PilotnewsJuly 9, 2020

Access Bank Plc has announced plans for acquisition of 100 per cent of Cavmont Bank Limited, a Zambia-based financial institution. The bank disclosed this in a regulatory filing to the Nigerian Stock Exchange (NSE) signed by Mr Sunday Ekwuochi, its Company Secretary. It said the acquisition plan would be consummated through its Zambian subsidiary, Access Bank Zambia Limited. “Access Bank has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc, regarding a potential transactions...

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CBN Boosts 70,000 Maize Farmers Under Anchor Borrowers Programme

EconomyInvestingNigeriaCBN Boosts 70,000 Maize Farmers Under Anchor Borrowers Programme

PilotnewsJune 11, 2020

The Central Bank of Nigeria (CBN), said on Thursday that it would support 70,000 maize farmers under its Anchor Borrowers Programme, during the 2020 wet farming season. Mr Nuhu Muazu, Head Development Finance Office, CBN, disclosed this in Bwari, Abuja, at the launching of farm inputs distribution to maize farmers for the 2020 wet season. Muazu said that the programme was designed to boost food production and guarantee food security in the country. While urging...

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Foundation Plans 1m Jobs for Nigerians, Africans

InvestingJobsNewsNigeriaFoundation Plans 1m Jobs for Nigerians, Africans

PilotnewsJune 9, 2020

An FCT based Empowerment foundation, Ventures Platform (VPF), says plans are in the pipeline to create at least one million jobs for Nigerians and other Africans in three years to reduce the level of unemployment on the continent. Mr. Mimshach Obioha, Executive Director, Ventures Platform Foundation (VPF) said this in Abuja on Tuesday in an interview with the News Agency of Nigeria (NAN) to mark the organisation’s fourth anniversary. Obioha said the jobs would be...

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New York Governor Rings Opening Bell at Exchange as Traders Return

CoronavirusInvestingUnited StatesNew York Governor Rings Opening Bell at Exchange as Traders Return

PilotnewsMay 27, 2020

New York Governor Andrew Cuomo rang the opening bell on the New York Stock Exchange on Tuesday, as a limited number of traders returned to the historic floor for the first time since March. The coronavirus pandemic in New York City has been particularly severe. The city has suffered some 20,000 deaths, about a fifth of the total across the whole of the United States. The exchange floor closed after an outbreak of several cases within the building....

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Bond Investors Rushing to Nigeria – Analysts

InvestingNewsNigeriaBond Investors Rushing to Nigeria – Analysts

Bada Yusuf Amoo (Correspondent)May 23, 2020

The early action by Nigeria to tap cheap loans has increased the risk perception among foreign investors. This led to a fall in the borrowing cost of the country. According to Bloomberg, “Yields on Nigeria’s dollar bonds maturing in 2047 fell from an all-time high of 13.2% on March 19 to 9.1% on Wednesday. This is as the West African nation presented a revised $27 billion budget to the cabinet that kept spending intact, with...

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Nigerian Government Threatens to Prosecute Citizens with Foreign Properties Who Evade Tax

InvestingLaw & JusticeNewsNigeriaNigerian Government Threatens to Prosecute Citizens with Foreign Properties Who Evade Tax

Bada Yusuf Amoo (Correspondent)May 22, 2020

The Federal Government of Nigeria had threatened to prosecute its citizens who were not paying tax on their properties in foreign countries. This was made known in a statement signed by the spokesperson of the Attorney General of the Federation, Abubakar Malami (SAN), Umar Gwandu on Thursday. The statement also stated that any bank or intermediary that helps any Nigerian citizen to shield such property would pay the fine which is equivalent to the cost...

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